Real estate in Telangana to be bullish post Covid-19: Experts

Real estate sector will become bullish and positive post Covid-19 and Hyderabad will remain the most favorite investment destination, real estate experts and consultants have forecast.

They believe that this phase is only a pause for growth and investment traffic is neither lost nor diverted.

They were speaking during a webinar conducted by The Federation of Telangana Chambers of Commerce and Industry (FTCCI) on ‘Facing the global pandemic - The way forward for real estate’.

“The centre’s ‘Make in India’ programme might get a boost from this difficult situation in the medium to long term, but short-term pains for developers are inevitable,” said K. Bhasker Reddy, Vice President, FTCCI.

“Dropping prices in a scenario like this is hardly the answer. However, the government might launch measures to make it more lucrative for buyers to invest in property. It is also expected to support real estate, the second-largest employment generator in the country, by waiving off tax on unsold inventory,” he added.

Srikanth Badiga, Chairman, Infrastructure, Real Estate and Smart Cities Committee, FTCCI, said the trade was planning to give representations to the government on various issues like timeline extension, property tax and stamp duty exemption for next one year.

R. Chalapathi Rao, President, Telangana Real Estate Developers’ Association (TREDA) suggested that the government should give relief on property tax and stamp duty for the next 6 months.

“Government of India estimates the economic loss as 6 to 7 lakh crores. Out of this, real estate is 1 lakh crore. In this scenario, developers will not reduce the prices but offer some discounts to sell the properties,” he said.